AfDB President calls for general capital increase of Bank

The President of the African Development Bank Group, Akinwumi Adesina, on Wednesday called on Bank member countries to contribute to the seventh general capital increase to enable the institution to achieve its development goals. says a statement received Wednesday at APAS’expressing at the annual lunch of diplomats accredited in Côte d’Ivoire, Adesina shared with them his analysis of the performance of African economies, informed them of the activities of the institution and highlighted the emerging economic problems facing the Bank and the continent.

“The African Development Bank, your bank, a true leader, is reforming, innovating and achieving more results for Africa than ever before. With the strong support for a general capital increase from our Board of Governors, Bank Governors, and you ambassadors representing our shareholder countries, Africa will indeed have a much brighter and more promising future. ” , did he declare.

Adesina praised Africa’s performance, noting that the continent remains resilient to the adverse winds of the global economy and climate shocks, as indicated by the Bank’s Africa Economic Outlook 2018, a report published in Abidjan on 17 January 2018.

Average GDP growth was 3.6 percent in 2017, compared to 2.2 percent in 2016, he said. Eighteen African countries grew above 5% in 2017 and 37 more above 3%. Average GDP growth is expected to accelerate to 4.1% in 2018 and 2019.

In 2017, the Bank achieved impressive development impacts including High 5 Enlightening Africa and providing energy to 4.4 million people with access to electricity.

It also launched the High 5 Feed Africa and provided 8.5 million Africans with access to improved agricultural technologies. Like the High 5 Integrate Africa, which has enabled 14 million Africans to have better access to transport.

At the same time, the Bank initiated the High 5 Industrialize Africa, which provided 210,000 small businesses with access to financial services in tandem with another project, the High 5 Improving the Quality of Life of African People, which provided 8 , 3 million Africans have better access to water and sanitation, Adesina said.

The President also reviewed important steps regarding the Bank’s ongoing reforms and achievements over the past year, noting that with $ 7.67 billion in disbursement, the Bank has reached its disbursement level. highest annual total in its history, while retaining its triple A awarded by all major international rating agencies

The Bank also made investments of $ 1.39 billion in the energy sector that covered 31 operations in 23 countries, an increase of 30% over 2016 and the institution launched its largest bond issue $ 2.5 billion three-year benchmark, followed by its largest $ 5 billion five-year benchmark bond issue;

In 2016, its net operating income rose to $ 556.6 million before rising to $ 855 million in 2017, up almost 54% from 2016 and 73% from 2015.

The Bank is at the forefront of implementing the Desert-to-Electricity initiative to harness electricity from the sun across the Sahel. The initiative is expected to generate 10,000 MW of electricity, connect 250 million people to electricity, including 75 million people to off-grid systems

The Bank “is reforming, innovating and playing a leading role”, thanks to the strong support it receives from its member countries, welcomed Adesina, saying that such support will be even more necessary when general capital increase to help the Bank do more for Africa.

“At a time when we must all support Africa more vigorously to achieve the Sustainable Development Goals, the Bank needs more resources, through a general capital increase. The message could not have been heard more clearly than during the recent visit to the Bank of African Development Bank Ministers and Governors representing Central Africa and West Africa. They unanimously supported the general capital increase of the Bank, “he said.

“The support of all shareholders will be crucial for the Bank’s overall capital increase. Our institution should do more for Africa and we are working hard to reorganize the Bank, put it in a much stronger position, and equip it with more competent staff and institutional capacity to do more … better and more quick. On the strength of our past and present execution capacity, you can count on what we will be able to do in the next few years, “promised Adesina.